The Reserve Bank Of India (RBI) has cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs) and seven other Maharashtra-based non-banking financial companies (NBFCs) have surrendered their registration certificates.
RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
The NBFCs whose certificate of registration were cancelled include :-
- Kolkata based – M/s Neelanjali Engineering Private Limited
- Kolkata based – M/s Novoflex Tradecom Private Limited
- Mumbai based – M/s Guide Investments and Trading Co. Pvt. Ltd
- Pune based – M/s Enol Ventures Private Limited
Apart from this, seven Maharashtra-based Non Banking Financial Institutions have surrendered their registration certificates following which they won’t be allowed to transact their financial business.
These include :-
- M/s V.H Doshi & Sons Investment Pvt. Ltd.
- M/s Vinodchandra Doshi Investment Co Private Limited
- M/s Samarth Doshi Investment Co. Private Limited
- M/s Echjay Overseas Trades Private Limited
- M/s Hari Mahavin Investment Private Limited
- M/s Baroda Industries Private Limited
- M/s Eureka Finvest Private Ltd.
So let’s discuss some questions related to this post :
1. Name the organization which has cancelled the licence of 4 NBFCs and 7 other have surrender their licence to it ?
2. Expand the term NBFC ?
Courtesy : Money Control
